Rising Geriatric Demographics Propel Neuroscience Market to $46.21 Billion by 2028 Driven by Precision Medicine and Neuropharmacology Expansion

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Neuroscience Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $14.02 billion In 2028 At A CAGR Of 12.8%:

The neuroscience market size has grown strongly in recent years. It will grow from $33.21 billion in 2023 to $35.28 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increased funding for neuroscience research, emergence of neuroinformatics, genomic and proteomic research in neuroscience, public awareness and education, drug discovery and development, global aging population, neuroscience-based education and learning.

The neuroscience market size is expected to see strong growth in the next few years. It will grow to $46.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to precision medicine in neurological treatments, expansion of neuropharmacology, neuroinformatics for big data management, patient-centric approaches in neurological care, global health initiatives for neurological disorders, innovations in neurological diagnostics, ethical considerations and guidelines. Major trends in the forecast period include brain imaging technologies, neurostimulation therapies, artificial intelligence in neuroscience, brain-computer interface (bci) technology, telemedicine in neurology, collaboration between industry and academia, cross-disciplinary approaches.

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Neuroscience Market Major Segments
The neuroscience market covered in this report is segmented -
1) By Type: Neuro-Microscopy, Electrophysiology Technologies, Neuro-Cellular Manipulation, Whole Brain Imaging, Other Types
2) By Service: Instruments And Consumables, Software And Services
3) By End User: Hospitals, Diagnostic Labs, Research And Academic Institutes

Key Driver - Surging Geriatric Demographics Fueling Growth In The Neuroscience Market

The rising geriatric population is expected to propel the neuroscience market. Adults 65 years and older are referred to as members of the geriatric population. Due to lowered immunity and advanced age, the elderly population is susceptible to many diseases including neurological disorders. Lumbar arthrosis and dementia are the most common neurological disorders in older people, which can be treated through neuroscience. For instance, according to a 2020 report from the UN Department of Economic and Social Affairs, the population over the age of 65 is expected to increase from 9.3% in 2020 to almost 16.0% in 2050. According to a factsheet published by the World Health Organization in October 2021, there will also be 1.4 billion people over the age of 60 in the world by 2030, up from 1 billion in 2020. Thus, the rising geriatric population is driving the neuroscience market.

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Prominent Trend - Technological Advancements Transforming The Landscape Of The Neuroscience Market

Technological advancement is a key trend gaining popularity in the neuroscience market. Major market players are concentrating their efforts on creating innovative technologies such as artificial intelligence and machine learning to bring advancement in neuroscience. Artificial intelligence enables machines to mimic and even outperform human mental powers and machine learning is a part of artificial intelligence. Artificial intelligence (AI) models are built to carry out intelligence-based tasks that are offering new theories about how the same processes are regulated within the brain. For instance, in December 2021, Biogen Inc., a US-based biotechnology company collaborated with TheraPanacea to focus on multiple therapeutic areas in neuroscience. The collaboration was aimed at using machine learning (ML) and artificial intelligence (AI) analysis to create digital health solutions that could enhance patient care, hasten the development of new drugs, and deepen the understanding of the pathologies that underlie neurological illnesses. TheraPanacea is a France-based medical technology company specializing in artificial intelligence.

Neuroscience Market Players
Major companies operating in the neuroscience market report are Alpha Omega Inc., General Electric Company, Siemens Healthineers AG, NeuroNexus Technologies Inc., Doric Lenses Inc., Blackrock Neurotech, Axion Biosystems Inc., Femtonics Ltd., Carl Zeiss AG, Danaher Corporation (Leica Microsystems), Koninklijke Philips N.V., Toshiba Corporation, Hitachi Medical Corporation, Scientifica Ltd., Intan Technologies Inc., Laserglow Technologies Inc., Mightex Systems, Neuralink Corporation, Kernel Corporation, BrainCo Inc., MindMaze Inc., Paradromics Inc., NeuroPro Inc., NeuroSky Inc., EMOTIV Inc., Cercare Medical A/S, Plexon Inc., Noldus Information Technology bv, Neuralynx Inc., Vigil Neuroscience

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Largest And Fastest Growing Region In The Market
North America was the largest region in the neuroscience market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the neuroscience market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Neuroscience Market Report Structure
3. Neuroscience Market Trends And Strategies
4. Neuroscience Market - Macro Economic Scenario
5. Neuroscience Market Size And Growth
…..
27. Neuroscience Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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